要约收购是世界各国证券市场最主要的并购模式,它通过公开向全体股东发出要约,达到控制目标公司的目的。要约收购的最大特点是,在所有股东平等获取信息的基础上,由股东自主作出选择,有利于防止各种内幕交易,保障全体股东尤其是中小股东的利益,因此被视为完全市场化的收购模式。 The tender offer is the most important mode of mergers and acquisitions in the securities markets of all countries in the world. It achieves the purpose of controlling the target company by making an offer to all shareholders publicly. The most important feature of the tender offer is that all shareholders, on the basis of equal access to information, make their own choices by shareholders, which are conducive to preventing various insider trading and safeguarding the interests of all shareholders, especially small and medium-sized shareholders. Therefore, they are regarded as fully market-oriented acquisitions mode.